Committee of University Council

Established at Council meeting no. 110 on 6 December 2006 Resolution C110/10.

Purpose

The Audit and Risk Management Committee ensures that financial and operational risk management and review frameworks are in place and acts as an advisory body to Council in relation to accountability and audit related matters including internal audit oversight and external audit liaison.

Terms of Reference

In relation to the internal audit function-

To advise Council about:

• the internal audit charter;
• the internal audit plan for Councils consideration;
• the audit reports of major audits;
• the implementation of internal audit recommendations;
• the performance of internal audit against performance criteria.

In relation to the external audit function-

Review and advise Council about:

• the annual reporting requirements and the impact of any developments in statutory accounting and regulations requirements;
• management responses to the external auditors audit reports or parliamentary comment;
• the extent to which external audit recommendations concerning internal accounting controls are implemented;
• the final draft of the annual financial statements and the audit report prior to the meeting of Council to approve the financial statements.

In relation to the risk function-

Review and advise Council about:

• the major risks to the University and the status of risk mitigation strategies in place to address those risks;
• risk assessment and risk treatment plans for all major proposals/projects submitted for approval;
• the Universitys crisis management arrangements;
• legislative compliance.

Members of the Committee have the right to meet privately with the Auditor and/or the internal auditor.

(Revised Purpose and Terms of Reference approved at Council meeting No. 136 on 6 August 2010)

Meeting Dates and Times

The Committee meets on Fridays beginning at 11.00am

• Friday 10 February (joint meeting - Finance Committee at 9.00 am)
• Friday 23 March (joint meeting - Finance Committee at 9.00 am)
• Friday 18 May
• Friday 17 August
• Friday 23 November 

Audit and Risk Management Committee Composition

Category	Member	Period of Appointment
External member of Council with relevant experience as Chair	Mr Dennis Trewin	17 June 2011 - 10 February 2013
One of two external members of Council in addition to the Chair	Ms Prue Power	12 February 2010 - 11 February 2012
One of two external members of Council in addition to the Chair	Mr Barry Mewett	9 December 2011 - 8 December 2013
Another member of Council	Mr Jason Paris	17 February 2012 - 31 December 2012

Attendee with Speaking Rights

Vice Chancellor (ex officio)

Professor Stephen Parker

Invited attendees with speaking rights (attending for relevant agenda items)

Registrar (and colleagues as appropriate)	Mr Bruce Lines
Manager, Audit, Risk and Contracts	Ms Margaret Theakston
University's internal auditors
Representative of ACT Auditor- General's Office

Staff Advisory Member (nil voting rights)

Vacant

Secretariat

Secretary of Council	Ms Maria Storti
Minutes Secretary	Mr Peter Hill

Members will be appointed by Council and will hold office initially for two years. Members may be re-appointed for a further term. Membership will be staggered. Subject to Councils approval the committee may co-opt an advisory member for a one-year term to ensure an appropriate level of expertise or gender representation. The Chair will decide whom to invite to be in attendance with speaking rights.